Verdict- Neutral. DCE May24 contract traded in narrower rangebound during the day as expected. Hourly slow stochastic KD deepened correction. Hourly MACD widened slightly in bearish territory. Iron ore traders entered a watch-and-see mode, while volume and open interest both dropped. First support 941.5. First resistance 975.5.
Tag archives: iron ore
Daily Virtual Steel Mill Report 11/12/23
Verdict: • Short-run Neutral. Macro: • According to China NBS, China CPI in November down 0.5% on the year. PPI down 3% on the year. The decrease on both statistics are lower than expected. • The US non-farm payroll increased by 199,000 in November, with an estimated increase of 183,000, compared to a previous …
Iron Ore DCE May24 Daily Technical Review 08/12/23
Verdict- Neutral. DCE May24 contract retreated from periodic high at 975.5. The fast correction was related to taking gains. The next support band located from 941.5- 950.0 area. Hourly MACD narrowed above bullish territory. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI dropped from bullish territory to neutral area. First support …
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Daily Virtual Steel Mill Report 08/12/23
Verdict: • Short-run Neutral. Macro: • China imported 102.74 million tons of iron ore, up 3.36 million tons on the month, or 3.4%. The first 11 months in 2023 imported 1.078 trillion tons of iron ore, up 6.2% on the year. • China imported 43.506 million tons of coals, up 7.514 million tons on …
Iron Ore DCE May24 Daily Technical Review 07/12/23
Verdict- Neutral to Bullish. DCE May24 contract rebounded as expected from last technical report. Hourly MACD widened in bullish territory. Hourly slow stochastic KD entered overbought area. Iron ore is approaching listed high. Be aware of the taking gains activities around listed high at 958.0. First support 927.5. First resistance 958.0.
Daily Virtual Steel Mill Report 07/12/23
Verdict: • Short-run Neutral. Macro: • The surge in US gasoline inventories raised concerns about sluggish demand, with investors questioning whether OPEC+production cuts can offset the impact of oversupply from other oil producing countries. WTI crude oil fell below the $70 mark for the first time since early July, 4% drop at $69.36 per …
Iron Ore DCE May24 Daily Technical Review 06/12/23
Verdict- Neutral to Bullish. DCE May24 contract returned to bullish run after a big rebound. Hourly MACD widened in bullish area after a gold cross. Hourly slow stochastic KD spiked to overbought area. Hourly CCI reached the high after November 23rd. First support 890.0. First resistance 958.0.
Daily Virtual Steel Mill Report 06/12/23
Verdict: • Short-run Neutral. Macro: • The cooling on the job market intensified the correction on US bond, eyeing three-month low of 10-year US bond yield at 4.167%. US dollar index rebounded to 104, refreshed new high since November 22nd. Iron Ore Key Indicators: • Platts62 $131.40, +0.35, MTD $131.90. There was no …
Iron Ore DCE January24 Daily Technical Review 05/12/23
Verdict- Neutral. DCE Jan24 contract traded in narrow rangebound today. From hourly chart, MACD created gold cross. Slow stochastic KD created gold cross above oversold area. There is currently no obvious trend movement for iron ore. The current price potentially gain support above 950.0- 954.0 area in short-run. First support 941.0. First resistance 983.0.
Daily Virtual Steel Mill Report 05/12/23
Verdict: • Short-run Neutral. Macro: • U.S. factory orders fell 3.6% on a monthly basis in October, which was larger than the expected 2.6% drop and was the lowest level since April 2020. • The Passenger Car Association of China estimated that wholesale sales of new energy passenger vehicles in November will be 940,000 …